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Egypt: Key West Nile Delta Project Set For Start-Up
...an [in] the summer,” Mr Dudley told the firm’s 7 February Q4 earnings call. “The wells in the Taurus and Libra fields are close to coming onstream. Production in West Nile Delta is scheduled for the second quarter of 2017,” RWE says. The Taurus and Libra fields constitute the 600mn cfd Phase 1 of th...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Algeria Keeps Oil Spending Flat, Extends Exploration Search Offshore
...Algerian state oil firm Sonatrach has announced an eye-catching $50bn planned five year upstream spend for 2017-21. The figure is a slight increase on that for the most recent five-year plan, but a significant reduction compared to previous years. Once plans to spend about $5bn/year do...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Ta-Ta Taq Taq: Demise of Key Kurdish Field Weighs On KRG Exports
...port blend in February, it will still have grown heavier over the past year. KRG output averaged around 543,000 b/d last year and despite the Taq Taq woes, the KRG ought to exceed this in 2017, if only because a February-March 2016 pipeline outage hit last year’s figures. Absent similar outages th...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Kuwait Refinery Shuts, New Capacity Delayed, Crude Exports To Rise
...til the start-up of the country’s ambitious $12bn ‘clean fuels project’ refinery expansion and upgrade plans. But this in turn has been pushed back from 2017 to 2018-19, and even the latter timeframe may prove ambitious. KNPC brought forward the Shuaiba shutdown after a series of unscheduled ou...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Rosatom Starts Work On New Iran Nuclear Plant, Cementing Russia’s Mena Presence
...24 1.0 2 5.5 Rosatom building. Work started Mar 2017 Planned: Iran Bushehr-3 20...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Americas To Asia Crude: In It For The Long Haul
...at 2017 sees the acceleration of a trend already in effect in 2015 and 2016 of increasing Americas crude volumes washing up in Asia. China has been the key pioneer in this regard. Venezuelan crude long dominated regional supplies to China as the country sought to keep up with ‘repayments’ on ever-in...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Libyan Oil Output Gains Go Into Reverse Amid Growing Instability
...the field were ongoing. Third Force members wrote to NOC warning them that uncontrolled militia would threaten the Sharara pipeline, Libya Herald reported. LIBYAN GAS EXPORTS (MN CFD)*... VOLUMES STARTED 2017 STRONGLY, FELL IN LATE JANUARY, AND COLLAPSED TO JUST 110MN CFD ON 28 MARCH *AL...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Hungary’s Mol - Mena Profile: No More Chasing Barrels
...ins’ made so far have come from squeezing engineering and oil field service firms – these firms at least view this as unsustainable (MEES, 3 February). Mol feels the majority of its cuts are sustainable, however, and will help propel the firm to a similarly successful 2017. “We started to take a lo...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Aramco’s Tax Slashed To Boost IPO Valuation
...ovided long-awaited transparency on an issue that will have critical importance in determining the success of the 5% share listing of Aramco scheduled for late-2018. The new rate is effective retroactively from 1 January 2017. As well as income tax, Aramco currently pays a 20% royalty on revenue, a fe...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
Saudi Wealth Fund Eyes $3bn Jordan Investments
...EMPLOYMENT Following a mission to Jordan in mid-March, the IMF noted that the conflicts in Syria and Iraq continued to weigh on the Jordanian economy, with growth expected at around 2% in 2016 and unemployment rising to 15.3%. But it expects that growth will pick up modestly in 2017, driven by a moderate re...
Volume: 60Issue: 13Published at Fri, 31 Mar 2017 -
East Med Deepwater Exploration: In Search Of ‘More Zohr’
...ey reviewed the seismic with the new Zohr concept in mind and liked what they saw. Eni, in its latest annual report, released 22 March, reiterates that it expects first gas from Zohr before the end of 2017. Output is set to reach the Phase 1 plateau of 1.2bn cfd by March/April next year, ramping up...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Aramco IPO Valuation: The Devil Is In The Detail
...the Saudi state’s need to balance its budget that has been running at a deficit due to the slump in oil prices since mid-2014. The country’s 2017 budget projects a sizeable SR198bn ($53bn) deficit, albeit down by a third from 2016 (MEES, 6 January), with ratings agency Fitch this week downgrading Sa...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Aramco, Sabic Ink China Downstream Deals During King Salman’s Asian Tour
...ars. But it was knocked off its perch in 2016, with Russia edging it out (by 1.05mn b/d to 1.02mn b/d). It’s got off to a strong start in 2017, beating Russia in the first two months: in February, China imported 1.25mn b/d from Saudi – the most since February 2016. At a development forum in Beijing on...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Jordan: China Cash Ties Up $2.1bn Oil Shale Funding
...ich Hydro, biogas 10 Planned: Enviromena/TSK (2017) Quweira Solar 10...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Saudi Gets Creative To Maintain Crude Exports Despite Output Fall
...bruary 2016 – almost twice the January 2017 figure – and averaged 328,000 b/d for the rest of the year. The changing fortunes of diesel in Europe may lead Aramco to seek sales elsewhere, although many of world’s fastest developing countries already have major pollution problems to address. SAUDI CR...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Libya Output Gets Waha Boost; Targets Bu Attifel, Sharara Next
...ARARA FIELDS HAS RAMPED UP SINCE 20 DEC RESTART, BUT STILL HAS A LONG WAY TO GO (‘000 B/D) *LATE/END MONTH IN EACH INSTANCE. ^AS GIVEN BY OPERATOR REPSOL FEB 2017. 2018 TARGET IS TO HIT 340,000 B/D CAPACITY DURING THE YEAR, NOT AS AN ANNUAL AVERAGE. SOURCE: REPSOL, STATOIL, OMV, MEES ES...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Rosneft: Russia Mixes Business With Politics In Mena Expansion
...erators that will make the project successful.” Eni, in its 2016 annual report, released this week, says it expects Rosneft’s Zohr purchase “will be finalized in the first half of 2017.” Rosneft also seemingly sees itself as a key LNG player, despite having no LNG production of its own either now or...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Majors In The Middle East: 2016, A Year Of Consolidation
...Oil Majors consolidated their positions in the Middle East in 2016, with preliminary results indicating a slight fall in liquids production against 2015. But while output flatlined, key contracts were signed that will see sizeable gains in 2017 and beyond. The combined Middle East liquids sh...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Fitch Downgrades Saudi, Increasing Headwinds For $15bn Bond Plans
...reign assets as of end-January falling below SR2 trillion for the first time since October 2011. At $524bn they are 30% below the record $746bn level hit in mid-2014 (MEES, 10 March). The country’s 2017 budget projects a whopping $53bn deficit, albeit down by a third from 2016 (MEES, 6 January). Fi...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017 -
Lebanon Raises $3bn In Record Bond Issue
...Lebanon on 21 March raised a record $3bn through a Eurobond issue which was six times oversubscribed with offers of $17.8bn. As such Lebanon has raised the full $3bn of Eurobond debt authorized by parliament for 2017. Some $600mn was raised from foreign banks and financial institutions, wi...
Volume: 60Issue: 12Published at Fri, 24 Mar 2017